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The Underwriting Room in the Lloyd's building

Getting into the insurance industry: the exciting unknown

Ollie Wells

Ollie Wells talks about his experience of getting into the insurance industry

“The early careers programme offers so much value in so many different areas and really allows people to find what they enjoy. From the very beginning there is a decision as to what you would like to do be that the business scheme or insurance scheme, add to that the rotational aspect I think it is very well rounded and offers something not many other companies can compete with.”

When I finished my A-levels I had some time to begin looking for apprenticeships. I was keen to have a career in financial services but was unsure as to where to start looking. 

I spent a lot of time searching on different job boards and looking up lists of the largest banks and the schemes they offer. Of course, Lloyd’s Bank was on the list and when looking deeper into the company I came across Lloyd’s of London. Intrigued by what kind of company Lloyd's was I went onto the website and began looking around, admittedly not understanding the majority of the insurance terminology, but that is what interested me. 

The fact it was a completely different industry that I had not even considered really appealed to me, after researching further, I knew I wanted to apply.

What made you choose an apprenticeship scheme?

I knew I didn’t want to go to university as I would not have enjoyed it and that an apprenticeship scheme was the route for me. I would have been bored in lectures having the same experience as I did in school. Gaining real work experience interested me so much more and I knew it would be a huge advantage in the long run. 

What placements have you completed so far?

My first placement was in the Lloyd’s Lab, and it was a massive eye opener as to what this industry was trying to achieve. On top of completing my studies and learning about the generic insurance principles, being able to talk to and learn off of those that were actively trying to implement their vision allowed me to gain a huge amount of knowledge and thoroughly enjoyed it.

As I’m an insurance apprentice my second rotation was in the market. I was underwriting binding authorities at Beat 4242 which was a huge learning curve for me as I was able to experience how the market operated. On top of that I met some great people from outside of the corporation that I otherwise would not have been able to meet.

Finally, I’m completing my last placement in account management which has really tested and helped me develop my organisational and communication skills having joined at the start of the capital planning season. It has been very enjoyable so far and I am looking forward as to what is to come.

What are your plans for after the scheme?

After the scheme I would like to go out into the market in an underwriting position, there are so many classes of business that interest me and I’m still trying to make a decision but I’m excited to continue to learn the trade. The six-month market placement I did really drew me in and helped make up my mind as to what I would like to do. The programme has helped me reach my goals by allowing me to complete my CII qualifications quickly and offering me the ability to get out there and build a network.

The time I’ve spent at Lloyd’s has had a really positive impact on me. It’s now that I’m coming towards the end of my scheme that I realise how much I have benefitted from it. I’m extremely grateful to the people that set this scheme up and all the people I’ve met along the way, everyone’s helped me in some sort of way. I can honestly say that no two days have been the same and that I’ve enjoyed all the time I’ve spent here.

Tell us about yourself outside of Lloyd’s

I’m really into sports and exercise, especially now as I spend a lot of time sat at a desk. In particular I like going to the gym and playing football when I can. I support Liverpool and my mates always point out the fact that I lack the scouse accent and I’m from the south... not a glory hunter I promise - I’ve been through the bad times too! I also enjoy listening to music when I’m just sat at home and am hoping to get a few concerts booked next year.

Early Careers at Lloyd’s

Lloyd’s is changing and needs curious minds to define what that change will look like. 

Whatever department you join, you'll be learning alongside people who are always thinking about the future consequences of daily decisions. And as part of the Corporation, you’ll ensure these decisions turn out for the best. 

We're looking for people with new perspectives and the confidence to share them.

Find out more about our Early Careers programmes.

Ollie Wells - Insurance Apprentice Trainee, Lloyd's

14 Dec 2022